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» Dry construction

Our client

Our client is an owner-managed construction enterprise with a focus on dry construction south of Vienna. The company has a flexible human resource pool that it contracts as the workload demands.

Targets

Prevent bankruptcy
Business continuation plan
Sustainable development towards profitability
Correct valuation of the accounts of our client’s customers

Our Services

Expertise with respect to bankruptcy preconditions at short notice
Negotiations for payment in installments with debtee
Revaluations of receivables of customers and financial retentions
Payment processing for the client and book keeping supervision

Results

Prevented bankruptcy
Status report with most recent benchmark numbers
Surplus at the finance office
New agreements with business partners

The project

The company delivered solid and qualitative work, and maintained a good workload. However due to poor book keeping practices as well as an ineffective dunning process, the company experienced liquidity shortages. TSM was able to reach agreements with almost all debtee, but one filed a petition in bankruptcy against the client.

After TSM was appointed, we found that in a legal sense bankruptcy was unjustified. This had to be demonstrated in a status report and in a business continuation plan. TSM provided both at short notice. Therefore, we managed to complete missing records in bookkeeping, especially get confirmation of account balances of the company’s customers. Book keeping for 2009 was redone after that from scratch.

Equipped with these data and the TSM documents, our client was able to fight off the petition for bankruptcy at the first appearance before court.

Switching to project-centric accounting, introducing post calculations, as well as running an effective dunning process allowed our client not only to keep up to his payments in installments, but also allowed him to do so earlier than planned.

The enterprise is now able to flourish again on its own with TSM providing control only on a monthly basis.

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Other References:

Services:

Turn Around Management

Experts:

Andreas Wergetis

English / German